Cyber risks threaten digital payments growth

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) said cybersecurity risks remain a major obstacle to the wider use of digital payments in the Philippines, with the central bank pinning its hopes on a more coordinated strategy to contain threats and further lower the remaining barriers to adoption.

“Looking ahead, the BSP anticipates challenges such as managing cybersecurity risks, ensuring interoperability amid rapid technological change, and protecting consumers while innovation accelerates,” the BSP said in a statement.